GOVERNMENT LIFE INSURANCE.

Auckland Star, Volume XI, Issue 3196, 19 October 1880, Page 2

GOVERNMENT LIFE INSURANCE.

We would call the attention of our subscribers to a circular issued by tho Commissioner of the Government Insurance Department to its policy holders, distributed with this day's issue, a careful perusal of which will be found both beneficial and interesting, not only to the policy holders of the department, but to all others1 who' are interested in the great question! ot life insurance. The comparison given in the circular—an extract of which We give herewith—of the result of the operation*! of tho department daring the, ten years of its existence, both as regards! the aniount of business obtained, the low' rate of expense of management, and the amount- of funds on hand, must be most gratifying, not only to its policy holders, but to the colonists as a whole, who are, if not directly, are indirectly, benefitted in its success. The accumulated funds amount to £460,000; the'annual income exceeds £147.000; existing policies, nearly 12,000 in number, assuring over £4,100.000; total claims paid, nearly £140,000. The net surplus ascertained at the end of the lint five years was upwards of £12,000. Tho.results of the department's business for the first ten years of its existence, now concluded, will be found to compare favourably with those of any British or Colonial lifo institution during a similar period. The cost of management for so young an office is decidedly lowyboing about 15 percent, of the premium income (considerably less than the loading or margin provided for such expenditure) j while the rate of interest realised is in excess of that assumed in the calculations. During the year ended 30th June last 2,274 policies were issued, assuring £725,254. The death claims for the year amounted to £32,500, assuring 67 persons under 78 policies. Further information on the business aod, prgruiums of the office will be found in he circular. .imhi*i>s>j